Elephants in the Room Part II: The Future of Big 4 in the Legal Market
NOTE: This is available only through Legal Compass. Contact our Sales team at 888-770-5647 or by email almlegalintel@alm.com for information.
This is available only through Legal Compass. Contact our Sales team at 888-770-5647 or by email almlegalintel@alm.com for information.
The future of the Big Four in the legal market is yet to be determined. ALM Intelligence research suggests that three future scenarios seem most likely:
1) Remain Focused on Legal Services with an Accounting or Consulting Overlap: the legal arms of the Big Four could remain in their current form – ancillary businesses designed to support the company’s core tax and advisory arms.
2) Expand into a ‘Full Service’ Offering: the Big Four could expand into a wider range of legal services, and transform their legal arms into standalone businesses similar to their current tax and consulting offerings. Such a move would bring them into direct competition with leading law firms.
3)Develop a Managed Legal Service Offering: the Big Four could develop a range of managed legal services which looks similar to the current offering of alternative legal service providers.
This paper examines each of these scenarios – which are not mutually exclusive - in detail. Each offers opportunities and risks to the Big Four, to law firms, and to other players in the legal market.
